Independent Bank Corp. · NASDAQ:INDB
Independent Bank — Raymond James 2025 U.S. Bank & Banking on Tech Conferences
26 slides from Independent Bank's conference presentation, Sep 2, 2025
Slide 1: Raymond James 2025 U.S. Bank & Banking on Tech Conferences
Exhibit 99.1 September 3, 2025 Jeff Tengel Chief Executive Officer Mark Ruggiero Chief Financial Officer & EVP/Consumer Lending Raymond James 2025 U.S Bank & Banking on Tech Conferences
Slide 2: Who We Are
2 Who We Are Independent Bank Corp. (Nasdaq: INDB) • Main Banking Subsidiary: Rockland Trust • Massachusetts based; New England focused Key Metrics As of June 30, 2025 $20.0 B $25.0 B TOTAL ASSETS TOTAL ASSETS $14.5 B $18.6 B LOANS LOANS $15.9 B $20.3 B DEPOSITS DEPOSITS $7.4 B $8.8 B WEALTH AUA WEA
Slide 3: Our Corporate Promises
3 Our Corporate Promises: We remain committed to our colleagues, customers, community and shareholders. This connects our purpose to everything we do. It transforms what banking means from a mere transaction to the chance to make a positive difference in the lives of others. This motivates our colle
Slide 4: Strong, Resilient Franchise; Well Positioned for Growth
4 Safe & Sound Customer Centric • Full suite of retail banking, commercial banking, and wealth product offerings • Relationship-oriented commercial lending with strong local market knowledge and presence • Exceptional third party customer service recognition in both commercial and retail • Strong br
Slide 5: Overview of Enterprise Bancorp Acquisition
5 Overview of Enterprise Bancorp Acquisition Pro Forma Combined Company(2) • Acquisition closed July 1, 2025 • Systems conversion planned for mid-October • Full cost saves to be achieved in 2026 Q1 Selected Purchase Accounting Adjustments ($ in millions) Estimate at Announcement Updated Estimate Loa
Slide 6: Expanding Company Footprint
6 Expanding Company Footprint Source: S&P Capital IQ Pro Note: Deposit/Market Share data as of 6/30/2024 (1) Includes one electronic branch INDB EBTC Pro Forma Counties Branches Deposits ($bn) Market Share (%) Rank Branches Deposits ($bn) Market Share (%) Rank Branches Deposits ($bn) Market Share (%
Slide 7: Q2 2025 Financial Highlights
7 ($ in millions, except per share) Q2’25 Q2’25 Operating(1) Q1’25 Q1’25 Operating Q2’24 Net Income $51.1 $53.5 $44.4 $45.3 $51.3 Diluted EPS $1.20 $1.25 $1.04 $1.06 $1.21 ROAA 1.04% 1.09% 0.93% 0.94% 1.07% ROACE 6.68% 6.99% 5.94% 6.05% 7.10% ROATCE(1) 9.89% 10.35% 8.85% 9.01% 10.83% Net Interest Ma
Slide 8: Loan Balances
8 ($ in millions) Period Ended $ Increase (Decrease) % Increase (Decrease)Loan Category June 30, 2025 Mar 31, 2025 Commercial and industrial $ 3,216 $ 3,110 $ 106 3.4% Commercial real estate 6,525 6,652 (127) (1.9)% Commercial construction 799 796 3 0.4% Small business 301 289 12 4.2% Total commerci
Slide 9: CRE & Construction, C&I and Consumer Portfolios
9 95% CRE & Construction Portfolio $7.3 billion Multi-Family - 27.8% Residential - Related - 14.1% Office - 13.1% Mixed-Use Office - 1.9% Industrial/ Warehouse - 10.1% Lodging - 11.0% Retail - 17.3% Healthcare - 1.6% Other - 3.1% C&I Portfolio $3.2 billion Retail Trade - 20.9% Real Estate/Rental and
Slide 10: Office Portfolio
10 Top 20 Borrowers All Others Total Portfolio ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan ($ in millions) Total Avg Loan Class A $276.5 $27.6 Class A $135.9 $5.9 Class A $412.4 $12.5 Class B/C 192.6 21.4 Class B/C 253.7 1.9 Class B/C 446.3 3.1 Medical 26.5 26.5 Medical 75.7 3.6 Me
Slide 11: Multifamily Portfolio
11 Multifamily Portfolio Period Ended ($ in millions) June 30, 2025 Mar 31, 2025 Total Balances $ 2,039.9 $ 2,020.5 Total Average Loan Size 2.8 2.8 Average Loan Size - Top 20 26.4 25.7 Average Loan Size - All Others 2.2 2.2 Asset Quality Criticized $ 2.5 0.1% $ 2.5 0.1% Classified (perf) 0.9 —% 0.9
Slide 12: Nonperforming Loans and Asset Quality
12 Nonperforming Loans ($ in millions) $104.2 $101.5 $89.5 $56.2 0.73% 0.70% 0.62% 0.39% NPLs ($Mil) NPL as % of Total Loans Q3 2024 Q4 2024 Q1 2025 Q2 2025 0.25% 0.50% 0.75% $0 $60 $120 Nonperforming Assets Rollforward - Q2 2025 (Dollars in thousands) Nonperforming assets at March 31, 2025 $89,493
Slide 13: Charge-off and Provisioning Trends
13 Charge-off and Provisioning Trends ($ in millions) $6.7 $1.2 $40.9 $6.5 $19.5 $7.5 $15.0 $7.2 0.18% 0.03% 1.14% 0.18% Net Charge-offs Provision for Credit Losses Annualized Charge-off Rate Q3 2024 Q4 2024 Q1 2025 Q2 2025 $0.0 $20.0 $40.0 0.00% 0.60% 1.20% Allowance for Credit Loss & Delinquency T
Slide 14: Deposit Balances and Composition
14 ($ in millions) Period Ended $ Increase (Decrease % Increase (Decrease)Deposit Product Type June 30, 2025 Mar 31, 2025 Noninterest-bearing demand deposits $ 4,526 $ 4,410 $ 116 2.6% Savings and interest checking 5,279 5,280 (1) —% Money market 3,369 3,277 92 2.8% Time certificates of deposit 2,72
Slide 15: Strong Capital Position
15 Tangible Book Value $41.12 $44.13 $46.96 $48.80 10.26% 10.31% 10.86% 10.92% TBV Per Share Tangible Equity/Tangible Assets % 2022 2023 2024 Q2 2025 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 0% 2% 4% 6% 8% 10% 12% 14% (1) Represents a non-GAAP measure. See Appendices for reconciliation to the correspondin
Slide 16: Securities Portfolio
16 Available for Sale (AFS) Held to Maturity (HTM) Portfolio Composition at June 30, 2025 Book Value Fair Value Unrealized Gain/(Loss) Book Value Fair Value Unrealized Gain/(Loss) ($ in millions) U.S. government agency securities $ 230 $ 216 $ (14) $ — $ — $ — U.S. treasury securities 529 506 (23) 1
Slide 17: Net Interest Margin Analysis
17 Net Interest Margin 3.25% 3.29% 3.33% 3.42% 3.37% 3.24% 3.29% 3.31% 3.37% 3.37% Reported NIM Core NIM(1) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 3.00% 3.20% 3.40% Total Loan Portfolio Rate Characteristics 41% 27% 32%Fixed Rate Floating Rate Variable Rate Net Interest Margin Analysis Trend in Asse
Slide 18: Net Interest Margin Guidance
18 Net Interest Margin Analysis (continued) Net Interest Margin Guidance ($ in thousands) INDB EBTC Combined 2025 Q2 interest earning assets $17,672,302 $4,802,068 $22,474,370 2025 Q2 net interest margin 3.37% 3.39% 3.37% 2025 Q3 standalone estimate +4-6 bps +4-6 bps +4-6 bps 2025 Q3 purchase accoun
Slide 19: Investment Management and Advisory
19 A U A ($ B il) R evenue ($ M il) AUA & Revenue $5.7 $5.8 $6.5 $7.0 $7.4 $36.8 $40.2 $42.7 $42.7 $22.6 Assets Under Administration Revenues 2021 2022 2023 2024 1H 2025 $0.0 $4.0 $8.0 0.0 25.0 50.0 75.0 Investment Management (2021-2024) | AUA CAGR +9% | Revenue CAGR +7% ($ in thousands) Q2 2025 Q1
Slide 20: Near-Term Priorities
20 • Deepening of risk management infrastructure • Robust portfolio management activity in CRE office asset class • Stabilizing interest rate risk through volatile rate environment • Prioritizing liquidity and capital risk management • Focusing on deposit generation initiatives • Reducing CRE concen
Slide 21: INDB Investment Merits
21 • High quality franchise in attractive markets • Low risk balance sheet with strong core deposit funding base • Strong capital base, well-above regulatory mandated levels that enables maximum capital management flexibility • Earnings expected to notably improve as fixed assets reprice to prevaili
Slide 22: Forward-Looking Statements
22 This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking termino
Slide 23: Non-GAAP Financial Information
23 This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS”), operating return on a
Slide 24: Appendix A: Non-GAAP Reconciliation of Capital Metrics
24 (Dollars in thousands) June 30, December 31, 2025 2024 2023 2022 Tangible common equity Stockholders' equity (GAAP) $3,074,856 $2,993,120 $2,895,251 $2,886,701 (a) Less: Goodwill and other intangibles 994,814 997,356 1,003,262 1,010,140 Tangible common equity $2,080,042 $1,995,764 $1,891,989 $1,8
Slide 25: Appendix B: Reconciliation of Non-GAAP Earnings Metrics
25 Appendix B - Reconciliation of Non-GAAP Earnings Metrics (Unaudited, dollars in thousands) Three Months Ended June 30 2025 March 31 2025 June 30 2024 Net interest income (GAAP) $147,496 $145,505 $137,926 Noninterest income (GAAP) $34,308 $32,539 $32,330 Noninterest expense (GAAP) $108,798 $105,87
Slide 26: Core Net Interest Margin Reconciliation
26 Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact Volume Interest Margin Impact (Unaudited, dollars in thousands) Reported total
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